In a surprising turn of events, the Trump family has made a foray into the world of cryptocurrency, launching their own meme coins just days before taking office. This move has raised eyebrows among ethics experts, who question the timing and potential implications of this venture.
Donald Trump, the now-President, launched his own meme coin, dubbed “$TRUMP,” on the social media platform Truth Social. This was quickly followed by Melania Trump’s announcement of her own cryptocurrency, the “Melania Meme Coin.” The First Lady’s coin was touted as a means of supporting charitable causes.
For the uninitiated, meme coins are cryptocurrencies inspired by internet trends and can be launched by anyone. They are often volatile and can be created as a joke. However, the Trump family’s entry into this space has sparked concerns about potential conflicts of interest and the use of their influence for personal gain.
According to CoinMarketCap, the Trump meme coin initially sold for $10 before skyrocketing to almost $70. However, its value dipped after Melania launched her own coin. As of late Monday afternoon, the Trump coin was valued at approximately $39, with a market cap of around $10.3 billion. Melania’s coin, on the other hand, was trading at around $5, with a market cap of $1.57 billion.
The timing of the Trump cryptocurrency launch has raised serious ethics concerns. Critics warn that this could create opportunities for special interests and foreign governments to gain influence with the President. Former Trump White House communications director Anthony Scaramucci echoed these concerns, stating that the Trump coin could allow anyone to essentially deposit money into the President’s bank account with a few clicks.
Despite these concerns, President Trump has encouraged his supporters to “have fun” with the meme coins, emphasizing that they are meant to be expressions of support rather than investment opportunities. However, the ethics implications of this venture remain unclear, leaving many to wonder if this is a bold move or a conflict of interest.
